§ 27-1-15.6-19.5 — Annuities; insurance producer qualifications and training

Indiana § 27-1-15.6-19.5

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 15.6: Insurance Producers

Text

5. (a) As used in this section, "annuity"
means an annuity that is:
(1) an insurance product under Indiana law; and
(2) solicited individually, regardless of whether the insurance
product is classified as an individual annuity or a group annuity.
(b) A person may not sell, solicit, or negotiate an annuity unless the
person meets the following requirements:
(1) The person is licensed as:
(A) an insurance producer with a life qualification under
section 7(a)(1) of this chapter; or
(B) in the case of a variable annuity, an insurance producer with
a variable annuity qualification under section 7(a)(5) of this
chapter.
(2) The person has adequate knowledge of an annuity product to
recommend the annuity product.
(3) The person complies with the insurer's training standards for
annuity products.
(4) The person has completed a single four (4) hour annuity
training course that is conducted through a structured setting or
self-study method and approved by the department in accordance
with the requirements for approval that apply to continuing
education courses under IC 27-1-15.7.

Legislative History

As added by P.L.11-2011, SEC.12. Amended by P.L.115-2011, SEC.8.